Ann: Lockyer-5 gas development well update, page-16

The most prevalent emotionnal bias present on the ASX is that it constantly overvalues explorers and undervalues producers.
That's why you see everybody bitching about the Lassonde Curve after the exploration phase is done.

Many investors don't understand a simple concept :

Assets, especially mineral or energy deposits, don't have a single value that is true for everyone.
The value is defined by how efficiently you can extract, process and market your deposit.

That depends on your financing capabilities, access to critical skills and technologies, efficiency of management, company culture, access to others deposits around, political influence and many others things.

That's why it kinda saddens me to see so many people on the ASX make the mistake of expecting to get full development value as soon as a discovery is made without including any execution risk.
The reality is that the big boys know how much value they can extract from an asset, but more importantly, they know how hard it is for an explorer to transition to an efficient producer and they will press them as far down as they can.
It is the financiary duty they have to their shareholders.